16-Unit Apartment
For Sale
$3,975,000
4230 Hoyt Avenue, Everett, WA 98203
The fully leased property combines updated interiors with gated garage parking, shared laundry, and a private storage locker for each unit.
Property Size14,644 SF
Price / SF$271.44
Days on Market35
Property Features for 4230 Hoyt Avenue
General Information
Standard status
Active
Size
14,644 SF
Total Parking Spaces
18
Property subtype
Residential Income
Zoning
Multi-Family
Occupancy
100%
Site & Location
Neighborhood
Glacier View
Units
Unit Mix
8 x 1bd/1ba, 8 x 2bd/1ba
Multifamily Units
16
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$25,265
Amenities
shared app-based laundry room
private storage locker
Wood
Building Details
Building Size
14,644 SF
Year Built
1968
Buildings
1
Stories
2
Units
16
Tenancy
Multi
Listing Agency:
Opal Blue Real Estate, LLC
(425) 510-6162
Listed By:
Grant Fosheim
(425) 359-7259
Source:
Frosthometeam
Added: Sep 22
Changed: Oct 26
Last Checked: Oct 26 at 3:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Opal Blue Real Estate, LLC
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Investment Insights
Based on property information with market context.
This 14,644-square-foot apartment building, constructed in 1968, contains 16 units: eight one-bedroom, one-bath apartments measuring 651 square feet each and eight two-bedroom, one-bath apartments at 882 square feet each. Twelve units have received updates ranging from refreshed finishes to full remodels, including new kitchens, bathrooms, and in-unit washers and dryers. Building improvements completed in 2024 include a new roof, exterior paint, double-pane vinyl windows, and refreshed common areas. The garage gate was replaced in 2022.
The property is fully leased, with staggered lease terms and no delinquencies. Residents have access to 18 secure, gated garage parking stalls, a shared app-based laundry room, and an individual private storage locker for every unit. The property is in Everett, with Boeing, Paine Field, and Providence Regional Medical Center identified as nearby employment and medical destinations.
The property is fully leased, with staggered lease terms and no delinquencies. Residents have access to 18 secure, gated garage parking stalls, a shared app-based laundry room, and an individual private storage locker for every unit. The property is in Everett, with Boeing, Paine Field, and Providence Regional Medical Center identified as nearby employment and medical destinations.
Key Highlights
- 16 apartments: eight 1‑bedroom/1‑bath units at 651 SF and eight 2‑bedroom/1‑bath units at 882 SF
- 12 of 16 units updated, with work ranging from finish refreshes to full kitchen and bathroom remodels
- 2024 improvements include a new roof, exterior paint, double‑pane vinyl windows, and refreshed common areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$216,883
Cap Rate
5.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,337,660
$4.3M
Cap Rate 7%
$3,098,329
$3.1M
Cap Rate 9%
$2,409,811
$2.4M
Market Conditions
NOI Build-Up for 14,644 SF
Gross rent
$421.7K $28.80/SF
− Vacancy
−$27.4K −$1.87/SF
EGI
$394.3K $26.93/SF
− OpEx
−$177.5K −$12.12/SF
NOI
$216.9K $14.81/SF
Area
Everett, WA
Vacancy
6.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,337,660
Cap Rate 7%
$3,098,329
Cap Rate 9%
$2,409,811
Alternative Uses
Best Use
Apartment 5plus
$3.10M
$2.71M – $3.61M
NOI $216,883 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.85M
$4.24M – $5.66M
NOI $339,310 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
16
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,645
Businesses Nearby
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Business Placement
Demographics for 98203, WA
37,491
Population
14,848
Households
2.5
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
11.8 sq mi
ZIP Area
3,177
Density / Sq Mi
$101,505
Median Household Income
$55,176
Median Earnings
$1,761
Median Rent
$575,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The fully leased property combines updated interiors with gated garage parking, shared laundry, and a private storage locker for each unit.
Where is this apartment building located?
The property is located at 4230 Hoyt Avenue Everett, WA.
What is the asking price?
The asking price for this property is $3,975,000.
What are key features of this property?
This property features: 16 apartments: eight 1‑bedroom/1‑bath units at 651 SF and eight 2‑bedroom/1‑bath units at 882 SF; 12 of 16 units updated, with work ranging from finish refreshes to full kitchen and bathroom remodels; 2024 improvements include a new roof, exterior paint, double‑pane vinyl windows, and refreshed common areas
